Sweden’s Securitas takes 49 percent stake in VN company

Sweden security company Securitas has agreed to acquire 49 percent of the Vietnamese security services firm Long Hai Security in an effort to expand its business in Asia.

The purchase price was approximately 35 million SEK, or 88 billion VND (4.8 million USD), following the company’s announcement on their website on December 29.

Long Hai Security is a market leader in the security services market in Vietnam, and it offers a wide-range of professional services, including guarding services and protection for customer property, such as cash transportation, executive protection and alarm monitoring services.

The company operates throughout Vietnam, currently in 18 provinces, and has annual revenues of 134 billion VND (7.2 million USD) and around 2,500 employees.

Securitas is a knowledge leader in security, which has operations in 40 countries in North America, Europe, Latin America, Asia, the Middle East and Africa. Its global market share of the outsourced security services market is approximately 12 percent.

The two sides are working on a more detailed official contract, Nam said, noting his company was striving to complete legal procedures in Vietnam to facilitate the contract’s implementation.

Most view

In the past few years, investment wave from Japan into Vietnam has ceaselessly increased in both number of enterprises and capital volume with roughly 1,800 Japanese enterprises and total investment of US$9.5 billion across the country by the end of 2018, of which nearly 1,000 Japanese enterprises are in Ho Chi Minh City.

Commercial banks have to adjust the limit of cash withdrawals in foreign currency abroad to the maximum equivalent of VND30 million (US$1,280) per day for international credit and debit cards from early this year to meet a central bank regulation.